<p>人工智能（AI）的出现对科技领域产生了深远的影响。这种影响在被称为 “七大奇迹” 的股票中表现得尤为明显，这些股票因与科技的紧密联系而闻名。自去年初 AI 兴起以来，这些科技巨头的表现均超过了 <strong>标准普尔 500 指数</strong>，有些甚至大幅领先。亿万富翁投资者们注意到了这一点，许多人在七大奇迹股票中持有头寸。但和所有投资者一样，他们的目标各不相同，采取的路径也各异。</p>
<p>在这些备受关注的亿万富翁中，菲利普·拉丰特（Philippe Laffont）脱颖而出，他通过将 Coatue Management 打造成全球最知名的科技中心对冲基金而声名鹊起，将 1999 年 5000 万美元的投资转化为 270 亿美元的管理资产。</p>
<p>拉丰特对科技范式转变及其带来的长期顺风的关注使他受益匪浅。他在接受《金融时报》采访时表示：“在我们的行业中，你不需要一千个伟大的想法，只需要一两个关键想法，其他的就会像多米诺骨牌一样接连倒下。”</p>
<p>这一策略在拉丰特的第三季度投资中尤为突出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg1MjQvYS1wZXJzb24tc3R1ZHlpbmctZ3JhcGhzLW9uLWEtbGFyZ2UtbW9uaXRvci1saW5rZWQtdG8tYS1sYXB0b3AuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg1MjQvYS1wZXJzb24tc3R1ZHlpbmctZ3JhcGhzLW9uLWEtbGFyZ2UtbW9uaXRvci1saW5rZWQtdG8tYS1sYXB0b3AuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>削减持仓</h2>
<p>拉丰特的持仓总数众多，但值得注意的是，他的投资组合中有 31% 是由七大奇迹股票构成——而且还有更多与 AI 相关的股票。</p>
<p>然而，这位亿万富翁投资者在本季度做出了一些重大调整，出售了一些七大奇迹股票，同时增持了其他股票。拉丰特在本季度出售了超过 360 万股 <strong>英伟达</strong>（Nvidia）（NVDA 0.54%）股票，约占 Coatue 持股的 26%，但这只是故事的一部分。</p>
<p>正如我的 Fool.com 同事肖恩·威廉姆斯（Sean Williams）指出的，拉丰特在过去 18 个月中已出售了大约 80% 的英伟达股票。然而，由于该股票的飞速上涨，这些持股的总价值仅减少了 1.52 亿美元，目前总值为 12.3 亿美元，占 Coatue 投资组合的 4.5%——是该基金的第七大持仓。</p>
<p>英伟达一直是 AI 的代表。其图形处理单元（GPU）的销售激增，推动了公司的销售、利润和股价飙升。看起来他削减英伟达股票的举动并不是因为对公司前景缺乏信心，而是出于一定的投资组合管理考虑。</p>
<p>对于拉丰特的另一个宠儿 Meta Platforms 来说，情况也大致相同。这位亿万富翁投资者出售了超过 48.8 万股该股票，约占 Coatue 持股的 12%。值得注意的是，Meta 仍然是该基金最大的持仓，总计 369 万股，价值 21.1 亿美元。</p>
<p>Meta 已在 AI 精英中占据一席之地，开发了科技领域最前沿的 AI 模型，这些模型可以在全球所有主要云服务中找到。</p>
<p>同样值得注意的是，在七大奇迹股票中，英伟达和 Meta 在过去几年中表现最佳，分别上涨了 889% 和 366%（截至本文撰写时）。</p>
<p>因此，他削减持仓并不是对这些公司的信心缺失，而是让他能够投资于其他有吸引力的机会。</p>
<h2>增持赢家</h2>
<p>艾萨克·牛顿爵士的第三运动定律部分指出：“运动中的物体倾向于保持运动，除非受到外力作用。” 如果将其重新定义为投资，可以简化为：赢家往往会继续获胜。如果你相信——就像我一样——这条定律是正确的，那么拉丰特在本季度的一些购买就显得非常合理。</p>
<p>他增持了 Coatue 在 <strong>特斯拉</strong>（Tesla）（TSLA -0.70%）的持股，增加了 596,000 股，增幅为 36%。这使他在这家电动车制造商的总持股达到了 223 万股，占拉丰特投资组合的 2.2%。</p>
<p>这一举动似乎是先见之明，因为特斯拉股票在短短六周内飙升了 30%。特朗普政府预计将放宽与自动驾驶汽车相关的监管，这一举措可能会使特斯拉受益。</p>
<p>拉丰特还增持了 <strong>谷歌母公司 Alphabet</strong>（GOOGL -4.75%）（GOOG -4.56%），购买了超过 917,000 股 A 类股票，增幅为 33%。他还增持了 46,000 股 C 类股票，增幅约为 7.5%。总的来说，Coatue 持有超过 430 万股 Alphabet 股票，价值 7.21 亿美元，约占投资组合的 2.7%。</p>
<p>拉丰特增持 Alphabet 的原因不言而喻。在七大奇迹股票中，谷歌母公司拥有众多增长动力，并且估值最具吸引力，市盈率仅为 23 倍。</p>
<p>这位亿万富翁投资者还增持了 <strong>亚马逊</strong>（Amazon）（AMZN -2.22%），增加了 496,000 股，增幅约为 4.6%。这使拉丰特的总持股达到了近 1130 万股，价值 21 亿美元——成为 Coatue 的第二大持仓。</p>
<p>亚马逊目前的市销率约为 3 倍，使其成为七大奇迹股票中按市销率（P/S）计算最便宜的股票。再加上该公司在云计算和电子商务领域的行业领先地位，以及在 AI 和数字广告方面的强大优势，亚马逊有多种获胜的方式。</p>
<p>最后，拉丰特在 <strong>微软</strong>（Microsoft）（MSFT -0.43%）的持股略有上升，增加了 151,000 股，增幅约为 4%。这使 Coatue 的持股达到了 385 万股，价值约 17 亿美元——约占投资组合的 6%，是其第四大持仓。</p>
<p>微软是少数几家已经从 AI 中获利的公司之一，得益于其 Copilot 工具套件以及对其 Azure 云服务采用的积极影响。当前该股票的市盈率仅为 2026 年预期收益的 27 倍，相对于机会而言，价格颇具吸引力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/08d388c28ac96469126ed9012626fcc4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/08d388c28ac96469126ed9012626fcc4.png"/></p>
<p>数据来源于 YCharts</p>
<h2>你应该效仿吗？</h2>
<p>Laffont 在第三季度的每一个举动背后都有许多令人信服的理由，但投资者是否应该效仿呢？这在很大程度上取决于你对人工智能未来的看法。</p>
<p>关于快速发展的人工智能市场，大多数估计从大约 1 万亿美元开始，并且还在不断上升。七大巨头公司中的每一家都在人工智能开发的前沿——各自以不同的方式。如果他们能够捕捉到人工智能所代表的潜在市场机会的一小部分，这将可能为这些公司及其股东带来意外之财。</p>
<p>我恭敬地认为，拥有所有这些股票是有充分理由的，如上所述。这些并不是空洞的言辞。我的投资组合中大约 35% 是由七大巨头股票组成。如果人工智能继续发展，这个比例最终可能会更高。</p>

谷歌-A

谷歌-C

<p>亿万富翁菲利普·拉丰特（Philippe Laffont）出售了数百万股英伟达（Nvidia）和 Meta 平台（Meta Platforms）的股票，削减了他在这些科技巨头的持仓，同时增加了对其他 “七大巨头” 股票的投资。拉丰特出售了超过 360 万股英伟达股票，减少了 26% 的持股比例，以及 48.8 万股 Meta 股票，下降了 12%。尽管进行了这些出售，这两家公司仍然是他投资组合中的重要持股。他增加了对特斯拉（Tesla）和谷歌（Alphabet）的持股，押注于它们在人工智能热潮中的持续增长。拉丰特的策略反映了他对投资组合管理的关注，而不是对这些公司的前景缺乏信心</p>

<p>The advent of artificial intelligence (AI) is having a profound impact on the technology landscape. Nowhere is that more apparent than the stunning rise of the &#34;Magnificent Seven&#34; stocks, a collection known for its strong ties to the technology. Since the dawn of AI early last year, each of these tech titans has outpaced the performance of the <strong>S&amp;P 500</strong>, some by a wide margin. Billionaire investors have taken notice, and many hold positions in the Magnificent Seven stocks. But like all investors, they have different goals and take different paths to achieve them.</p>
<div class="lb-trans"><p>人工智能（AI）的出现对科技领域产生了深远的影响。这种影响在被称为 “七大奇迹” 的股票中表现得尤为明显，这些股票因与科技的紧密联系而闻名。自去年初 AI 兴起以来，这些科技巨头的表现均超过了 <strong>标准普尔 500 指数</strong>，有些甚至大幅领先。亿万富翁投资者们注意到了这一点，许多人在七大奇迹股票中持有头寸。但和所有投资者一样，他们的目标各不相同，采取的路径也各异。</p>
</div><p>Among these closely watched billionaires is Philippe Laffont, who made a name for himself by building Coatue Management into the world's best-known tech-centric hedge fund, parlaying a $50 million investment in 1999 into $27 billion in assets under management.</p>
<div class="lb-trans"><p>在这些备受关注的亿万富翁中，菲利普·拉丰特（Philippe Laffont）脱颖而出，他通过将 Coatue Management 打造成全球最知名的科技中心对冲基金而声名鹊起，将 1999 年 5000 万美元的投资转化为 270 亿美元的管理资产。</p>
</div><p>Laffont's focus on the paradigm shifts in technology and the resulting secular tailwinds have served him well. &#34;You don't need a thousand big ideas to do well in our business, you just need the one or two key ideas that then all the dominoes start falling from,&#34; said Laffont in an interview with the Financial Times.</p>
<div class="lb-trans"><p>拉丰特对科技范式转变及其带来的长期顺风的关注使他受益匪浅。他在接受《金融时报》采访时表示：“在我们的行业中，你不需要一千个伟大的想法，只需要一两个关键想法，其他的就会像多米诺骨牌一样接连倒下。”</p>
</div><p>That strategy was front and center for Laffont in the third quarter.</p>
<div class="lb-trans"><p>这一策略在拉丰特的第三季度投资中尤为突出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTg1MjQvYS1wZXJzb24tc3R1ZHlpbmctZ3JhcGhzLW9uLWEtbGFyZ2UtbW9uaXRvci1saW5rZWQtdG8tYS1sYXB0b3AuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798524%2Fa-person-studying-graphs-on-a-large-monitor-linked-to-a-laptop.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>On the chopping block</h2>
<div class="lb-trans"><h2>削减持仓</h2>
</div><p>Laffont has dozens of holdings in all, but it's telling that 31% of his portfolio is made up of the Magnificent Seven stocks -- and many more have ties to AI.</p>
<div class="lb-trans"><p>拉丰特的持仓总数众多，但值得注意的是，他的投资组合中有 31% 是由七大奇迹股票构成——而且还有更多与 AI 相关的股票。</p>
</div><p>However, the billionaire investor made some big moves during the quarter, selling some Magnificent Seven stocks while adding to others. Laffont sold more than 3.6 million shares of <strong>Nvidia</strong>(NVDA 0.54%) stock -- or 26% of Coatue's stake during the quarter but tells just part of the story.</p>
<div class="lb-trans"><p>然而，这位亿万富翁投资者在本季度做出了一些重大调整，出售了一些七大奇迹股票，同时增持了其他股票。拉丰特在本季度出售了超过 360 万股 <strong>英伟达</strong>（Nvidia）（NVDA 0.54%）股票，约占 Coatue 持股的 26%，但这只是故事的一部分。</p>
</div><p>As my Fool.com colleague Sean Williams pointed out, Laffont has sold roughly 80% of his Nvidia stock over the past 18 months. However, thanks to the stock's meteoric rise, the total value of those holdings has only decreased by $152 million, currently clocking in at $1.23 billion and 4.5% of Coatue's portfolio -- and the fund's seventh largest holding.</p>
<div class="lb-trans"><p>正如我的 Fool.com 同事肖恩·威廉姆斯（Sean Williams）指出的，拉丰特在过去 18 个月中已出售了大约 80% 的英伟达股票。然而，由于该股票的飞速上涨，这些持股的总价值仅减少了 1.52 亿美元，目前总值为 12.3 亿美元，占 Coatue 投资组合的 4.5%——是该基金的第七大持仓。</p>
</div><p>Nvidia has been the poster child for AI. Sales of its graphics processing units (GPUs) have skyrocketed, sending the company's sales, profits, and stock price surging. It appears the culling of his Nvidia shares is not the result of some lack in confidence about the company's prospects but rather a bit of portfolio management.</p>
<div class="lb-trans"><p>英伟达一直是 AI 的代表。其图形处理单元（GPU）的销售激增，推动了公司的销售、利润和股价飙升。看起来他削减英伟达股票的举动并不是因为对公司前景缺乏信心，而是出于一定的投资组合管理考虑。</p>
</div><p>The story has been much the same for Meta Platforms, another of Laffont's favorites. The billionaire investor sold more than 488,000 shares of the stock or roughly 12% of Coatue's stake. It's worth noting that Meta is <em>still</em> the fund's largest holding, with a total of 3.69 million shares worth $2.11 billion.</p>
<div class="lb-trans"><p>对于拉丰特的另一个宠儿 Meta Platforms 来说，情况也大致相同。这位亿万富翁投资者出售了超过 48.8 万股该股票，约占 Coatue 持股的 12%。值得注意的是，Meta 仍然是该基金最大的持仓，总计 369 万股，价值 21.1 亿美元。</p>
</div><p>Meta has taken its place among the AI elite, developing one of technology's foremost AI models, which can be found on all the world's premier cloud services.</p>
<div class="lb-trans"><p>Meta 已在 AI 精英中占据一席之地，开发了科技领域最前沿的 AI 模型，这些模型可以在全球所有主要云服务中找到。</p>
</div><p>It's also worth noting that among the Magnificent Seven stocks, Nvidia and Meta have been the best performers over the past couple of years, up 889% and 366%, respectively (as of this writing).</p>
<div class="lb-trans"><p>同样值得注意的是，在七大奇迹股票中，英伟达和 Meta 在过去几年中表现最佳，分别上涨了 889% 和 366%（截至本文撰写时）。</p>
</div><p>So, the trimming of his positions isn't the result of a lack of faith in the companies, but rather allows him to invest in other compelling opportunities.</p>
<div class="lb-trans"><p>因此，他削减持仓并不是对这些公司的信心缺失，而是让他能够投资于其他有吸引力的机会。</p>
</div><h2>Adding to your winners</h2>
<div class="lb-trans"><h2>增持赢家</h2>
</div><p>Sir Isaac Newton's third law of motion states (in part), &#34;An object in motion tends to stay in motion unless acted upon by an outside force.&#34; Repurposed for investing, it can be distilled down to this: Winners tend to keep winning. If you believe -- as I do -- that this holds true, some of Laffont's purchases this quarter make plenty of sense.</p>
<div class="lb-trans"><p>艾萨克·牛顿爵士的第三运动定律部分指出：“运动中的物体倾向于保持运动，除非受到外力作用。” 如果将其重新定义为投资，可以简化为：赢家往往会继续获胜。如果你相信——就像我一样——这条定律是正确的，那么拉丰特在本季度的一些购买就显得非常合理。</p>
</div><p>He boosted Coatue's stake in <strong>Tesla</strong>(TSLA -0.70%), adding 596,000 shares, an increase of 36%. This brought his total stake in the electric vehicle maker to 2.23 million shares or 2.2% of Laffont's portfolio.</p>
<div class="lb-trans"><p>他增持了 Coatue 在 <strong>特斯拉</strong>（Tesla）（TSLA -0.70%）的持股，增加了 596,000 股，增幅为 36%。这使他在这家电动车制造商的总持股达到了 223 万股，占拉丰特投资组合的 2.2%。</p>
</div><p>The move seems prescient, as Tesla stock has soared 30% in just six weeks. The Trump Administration is widely expected to ease regulations related to self-driving cars, a move that would likely benefit Tesla.</p>
<div class="lb-trans"><p>这一举动似乎是先见之明，因为特斯拉股票在短短六周内飙升了 30%。特朗普政府预计将放宽与自动驾驶汽车相关的监管，这一举措可能会使特斯拉受益。</p>
</div><p>Laffont also boosted his stake in <strong>Alphabet</strong>(GOOGL -4.75%)(GOOG -4.56%), buying more than 917,000 Class A shares, an increase of 33%. He also added 46,000 Class C shares, up roughly 7.5%. In all, Coatue holds a total of more than 4.3 million Alphabet shares worth $721 million, or roughly 2.7% of the portfolio.</p>
<div class="lb-trans"><p>拉丰特还增持了 <strong>谷歌母公司 Alphabet</strong>（GOOGL -4.75%）（GOOG -4.56%），购买了超过 917,000 股 A 类股票，增幅为 33%。他还增持了 46,000 股 C 类股票，增幅约为 7.5%。总的来说，Coatue 持有超过 430 万股 Alphabet 股票，价值 7.21 亿美元，约占投资组合的 2.7%。</p>
</div><p>It doesn't take a detective to figure out why Laffont is loading up on Alphabet. Among the Magnificent Seven stocks, the Google parent has plenty of growth drivers and by far the most compelling valuation, selling for just 23 times earnings.</p>
<div class="lb-trans"><p>拉丰特增持 Alphabet 的原因不言而喻。在七大奇迹股票中，谷歌母公司拥有众多增长动力，并且估值最具吸引力，市盈率仅为 23 倍。</p>
</div><p>The billionaire investor increased his stake in <strong>Amazon</strong>(AMZN -2.22%), adding 496,000 shares, an increase of about 4.6%. This brings Laffont's total holdings to nearly 11.3 million shares worth $2.1 billion -- making it Coatue's second-largest holding.</p>
<div class="lb-trans"><p>这位亿万富翁投资者还增持了 <strong>亚马逊</strong>（Amazon）（AMZN -2.22%），增加了 496,000 股，增幅约为 4.6%。这使拉丰特的总持股达到了近 1130 万股，价值 21 亿美元——成为 Coatue 的第二大持仓。</p>
</div><p>Amazon is currently selling for roughly 3 times sales, making it the least expensive Magnificent Seven stock on a price-to-sales (P/S) basis. Add to that the company's industry-leading positions in cloud computing and e-commerce and its strong positions in AI and digital advertising, and Amazon has multiple ways to win.</p>
<div class="lb-trans"><p>亚马逊目前的市销率约为 3 倍，使其成为七大奇迹股票中按市销率（P/S）计算最便宜的股票。再加上该公司在云计算和电子商务领域的行业领先地位，以及在 AI 和数字广告方面的强大优势，亚马逊有多种获胜的方式。</p>
</div><p>Last but not least, there was a slight uptick in Laffont's stake in <strong>Microsoft</strong>(MSFT -0.43%), which rose by 151,000 shares, an increase of about 4%. That brought Coatue's stake to 3.85 million shares worth roughly $1.7 billion -- or roughly 6% of the portfolio and its fourth-largest position.</p>
<div class="lb-trans"><p>最后，拉丰特在 <strong>微软</strong>（Microsoft）（MSFT -0.43%）的持股略有上升，增加了 151,000 股，增幅约为 4%。这使 Coatue 的持股达到了 385 万股，价值约 17 亿美元——约占投资组合的 6%，是其第四大持仓。</p>
</div><p>Microsoft is one of a few companies that is already profiting from AI, thanks to its Copilot suite of tools and the halo effect on the adoption of its Azure Cloud service. It also doesn't hurt that the stock is currently selling for just 27 times 2026 projected earnings, an attractive price relative to the opportunity.</p>
<div class="lb-trans"><p>微软是少数几家已经从 AI 中获利的公司之一，得益于其 Copilot 工具套件以及对其 Azure 云服务采用的积极影响。当前该股票的市盈率仅为 2026 年预期收益的 27 倍，相对于机会而言，价格颇具吸引力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/08d388c28ac96469126ed9012626fcc4.png" alt="" original-src="https://media.ycharts.com/charts/08d388c28ac96469126ed9012626fcc4.png"/></p>
<p>Data by YCharts</p>
<div class="lb-trans"><p>数据来源于 YCharts</p>
</div><h2>Should you follow suit?</h2>
<div class="lb-trans"><h2>你应该效仿吗？</h2>
</div><p>There are a number of compelling arguments behind each of Laffont's moves in the third quarter, but should investors follow suit? Much of that depends on what you believe about the future of AI.</p>
<div class="lb-trans"><p>Laffont 在第三季度的每一个举动背后都有许多令人信服的理由，但投资者是否应该效仿呢？这在很大程度上取决于你对人工智能未来的看法。</p>
</div><p>Most estimates about the quickly evolving AI market start at about $1 trillion and go up from there. Each of the Magnificent Seven collective of companies is at the forefront of AI development -- each in its own way. If they can capture just a small part of the potential market opportunity represented by AI, it will likely result in a windfall for these companies -- and their shareholders.</p>
<div class="lb-trans"><p>关于快速发展的人工智能市场，大多数估计从大约 1 万亿美元开始，并且还在不断上升。七大巨头公司中的每一家都在人工智能开发的前沿——各自以不同的方式。如果他们能够捕捉到人工智能所代表的潜在市场机会的一小部分，这将可能为这些公司及其股东带来意外之财。</p>
</div><p>I would respectfully submit that there are compelling reasons to own all these stocks, as outlined above. Those aren't just empty words, either. Roughly 35% of my own portfolio is made up of Magnificent Seven stocks. If AI continues to take hold, that percentage could eventually be much higher.</p>
<div class="lb-trans"><p>我恭敬地认为，拥有所有这些股票是有充分理由的，如上所述。这些并不是空洞的言辞。我的投资组合中大约 35% 是由七大巨头股票组成。如果人工智能继续发展，这个比例最终可能会更高。</p>
</div>

Billionaire Philippe Laffont Sold Millions of Shares of Nvidia and Meta Platforms and Is Piling Into 4 Other "Magnificent Seven" Stocks Instead

- 人工智能的兴起对科技领域产生深远影响，尤其是 “七大巨头” 股票表现突出。  
- 亿万富翁投资者 Philippe Laffont 在第三季度调整了其投资组合，增持特斯拉和谷歌等股票。  
- Laffont 的投资策略显示出对 AI 市场潜力的信心，预计将带来丰厚回报。  

亿万富翁菲利普·拉丰特出售了数百万股 Nvidia 和 Meta Platforms 的股票，并转而大量买入其他四只 “七大杰出” 股票